Asian markets rise modestly as Wall Street sinks further

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BEIJING – Asian stock markets rose on Wednesday after Wall Street’s weak US housing sales and a major social media brand warned of gains.

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Nikkei 225 NIK,
+0.03%
Tokyo rose 0.1% higher. Shanghai Composite Index SCOMP,
+0.58%
Hang Seng HSI up 0.6%,
+0.64%
About as much rose in Hong Kong.

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Kospi 180721,
+0.77%
Seoul has 0.8% and Sydney’s S&P/ASX 200 XJO,
+0.72%
increased 0.6%. Benchmark Index in New Zealand NZ50GR,
-0.31%,
Singapore STI,
-0.20%
and Indonesia JAKIDX,
-0.57%
Taiwan Y9999, while declined
+1.04%
advanced.

Wall Street’s benchmark S&P 500 index fell 0.8% after Snapchat’s parent company warned of gains on Tuesday, prompting investors to dump social media stocks. Construction stocks fell after declining US home sales in April.

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“The overall mood in the equity markets remains largely weak,” IG’s Jun Rong Yep said in a report.

Investors are on edge about the impact of Russia’s war on Ukraine and a Chinese economic downturn, along with calming rising inflation in the United States and other Western economies.

On Wednesday, the Federal Reserve is scheduled to release the minutes of its latest policy meeting to inform its decision-making.

On Wall Street, S&P 500 SPX,
-0.81%
fell to 3,941.48. Dow Jones Industrial Average DJIA,
+0.15%
rose 0.2% to 31,928.62.

The S&P is down 18% from its January 3 high, which puts it on the verge of a bear market, or a 20% drop from its previous top.

Nasdaq Composite Comp,
-2.35%,
Tech stocks dominated, slipping 2.3% to 11,264.45 after a social media sell-off. snap snap,
-43.08%
fell 43.1%, the biggest one-day drop ever. facebook parent meta fb,
-7.62%
dropped 7.6%. Google’s native alphabet GOOGL,
-4.95%
fell 5.1%.

Benchmark US crude CLN22 in energy markets,
+1.18%
It rose $1.28 to $111.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 52 cents to $109.77 on Tuesday. Brent Crude BRNN22,
+1.15%,
The price base for international oil trade rose $1.19 to $111.88 a barrel in London. It rose 14 cents to $113.56 in the previous session.

Dollar USDJPY,
+0.13%
It rose to 127.05 yen from Tuesday’s 126.82 yen.

Credit: www.marketwatch.com /

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